The husband-wife duo have brought in Srikanth Iyer, ex-CEO of Pearson India and founder of Edurite, and Rama Harinath, ex-senior management member at TutorVista as co-founders. It’s worth noting that K Ganesh and Meena had sold 76% stake in online tutoring company TutorVista Global Pvt Ltd to UK-based Pearson for $127 million in 2011, and later sold the remaining 20% stake to Pearson in 2013. Pearson had appointed Srikanth Iyer as CEO at the time of this deal.
Solutions & Features: HomeLane will be selling furniture goods such as entertainment units, wardrobes, kitchen units, study tables, and shoe racks among other items. Additionally, it will also offer customization, help in planning the interiors, etc. The company claims it will deliver products within 4 weeks, and provide 3-year manufacturer warranty. HomeLane has launched operations in Bangalore and plans to expand to 7 more cities in a year’s time.
The company has also launched a home planning feature called HomeLane Planner in beta. This feature enables home owners to accurately visualise their kitchen or bedroom. It can be used to place modular units or kitchen appliances exactly where the home owner wants, and plan the bedroom furniture setup. Once they submit the design, HomeLane claims that its interior designers will review and suggest changes, and also provide a free design, including 3D snapshots.
Competition: HomeLane will be competing against FabFurnish, and Urban Ladder. Bangalore-based Urban Ladder is a curated online marketplace for furniture that offers products across various categories, including beds, sofas, coffee tables, dining tables and chairs, balcony sets, bookcases, and wall racks among many others. Last month it raised $21 million from Hong Kong-based Steadview Capital and others. The company is looking to expand to 25 cities.
Other GrowthStory investments
K Ganesh and Meena are serial entrepreneurs, who have invested in a handful of companies so far. The list includes online bookstore BookAdda.com, jewellery shopping portal BlueStone.com, online portal to buy grocery BigBasket.com, and refurbished good e-tailer Overcart.com among many others.